Respond that the following statements are TRUE or FALSE:

1) The weighted average method determines the cost of equivalent units of production by accounting for beginning inventory costs separately from current period costs.

2) The cost per equivalent unit for transferred in units is calculated by dividing total transferred in costs by the equivalent units of production for transferred in.

3) Cost amounts that are transferred out of one process become the transferred in cost for the next process.

Multiple Choice Questions:

4) A report prepared by a processing department for equivalent units of production, production costs, and the assignment of those costs to the completed and in process units is called a (n):

A) Organizational report.

B) Sales revenue report.

C) Job costing report.

D) Production cost report.

5) The production cost reports show the calculations for the physical flows and the ________ flows of the products.

A) Cash

B) Price

C) Cost

D) Supply